Plus Loan Program (Parent and Graduate Loan)

PLUS Loan ImageParent Loan for Undergraduate Students (PLUS)
The PLUS program gives the parents of dependent students the opportunity to borrow a low, fixed-interest rate loan to help meet the cost of attendance not covered by other financial aid programs. The program is also available for graduate or professional students.

Applying for the PLUS

  • The Free Application for Federal Student Aid (FAFSA) is first required for the PLUS loan eligibility. To complete the FAFSA, access
  • Complete the PLUS application and request process at
  • Approval of the loan is based on a credit check with the U.S. Department of Education during the application process.
  • After entering your application information, you will be notified about your approval or denial for the loan. Berry College will also receive a report of your PLUS approval or denial.
  • Complete a PLUS Master Promissory Note (MPN) on To electronically sign your MPN, use your Federal Student Aid ID.

*Cost of Attendance (COA) - The Department of Education allows your financial aid budget (COA) to consist of direct costs such as tuition, mandatory fees, housing and meal plan. Other costs that can be factored into your COA include transportation, personal expenses, books and supplies.

Loan Terms

PLUS loans will have an origination fee deducted from each before the loan proceeds are applied to your tuition account. Visit for current interest rates and fees.

  • Fixed interest rate of 7% (July 1, 2017 - July 1, 2018)
  • Minimal credit check requirements
  • Loan term up to 10 years
  • Deferred payment can be requested
  • No penalty for early repayment

For parent borrowers, repayment of principal and interest begins within 60 days after the date the loan is fully disbursed unless an authorized deferment of principal is granted to the borrower. If the borrower receives a deferment, interest begins to accrue upon disbursement and must be paid by the borrower monthly, quarterly or be capitalized (add to the principal).

For graduate or professional student borrowers, repayment begins six months after the student is no longer enrolled in school at least half time. Interest begins accruing upon disbursement. Graduate students can elect to make payments on their PLUS loan while in school or during the grace period, or allow the interest to be capitalized when repayment begins.

Borrowers have 10 years to repay their loans under the standard, graduated or income sensitive repayment option.

Loan Denial

If the federal government denies a parent a PLUS Loan because of adverse credit history, the student is eligible to borrow additional unsubsidized Federal Direct Loan funds. Freshman and sophomore students are eligible to borrow $4,000. Junior and senior students are eligible to borrow $5,000. If interested in borrowing additional unsubsidized funds due to a denied PLUS loan, please email the Office of Financial Aid at